Category Archives: Stockbroker Discharged

AXA Advisors, Cetera Advisors, Cetera Financial Group, Failure to Supervise, Investor's Capital Corp., Misrepresentation, Stockbroker Discharged, Stockbroker Malpractice, Unsuitable Investments

Travis Hughes of Hughes Financial Group-Discloses Numerous Customer Suits-El Paso, TX

January 2019-El Paso, Texas

According to publicly available records   Travis Jerome Hughes , a  stockbroker who is currently registered with Cetera Advisors  disclose a currently pending customer dispute, 11 prior customer disputes and a termination from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In the currently pending matter a customer of Cetera Advisors alleges poor performance of an investment in a real estate trust (REIT) and is seeking damages of over $18,000. Five of the prior customer disputes were were resolved with cash settlements, including:

  • FINRA Case 17-0028 in which a customer of Investors Capital Corp. was paid $37,500 to resolve allegations that investments in real estate securities and corporate debt were unsuitable.
  • A case filed in El Paso County (2008-3396) in which a customer of AXA Advisors was paid $350,000 to resolve allegations that they were sold unsuitable investments and victims of fraud.
  • A customer of AXA Advisors was paid $289,000 in 2007 to resolve allegations that she was sold three variable life insurance policies that were unsuitable based upon her financial objectives.

Hughes has been with Cetera Advisors since 10/2016. His prior employment includes Investors Capital Corp. , AXA Advisors and The Equitable Life Assurance Society of the United States. Hughes discloses business affiliations with Liberty Tax and Hughes Financial Group.

If you have losses in an account in an account handled by Travis Hughes , contact us for a no charge consultation to learn how you may be able to recover damages  through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Discretionary Trading, Failure to Cooperate with Regulatory Investigation, Failure to Supervise, FINRA, Finra Investigation of Stockbroker, Independent Financial Group, Misrepresentation, Stockbroker Discharged, Stockbroker Malpractice, SWS Financial Services, Unregistered Securities, Unsuitable Investments

Jon Pariser-Former Independent Financial Group Broker-Subject of $2.7M Customer Suits Over Note Sales-Pacific Grove, CA

December 2018-Pacific Grove, CA

According to publicly available records    Jon R. Pariser , a  former stockbroker who was last registered with Independent Financial Group , and before that SWS Financial Services,  disclose a recent regulatory event barring him from the securities industry, 3 currently pending and 3 prior customer disputes, and a termination from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In 10/2018 FINRA permanently barred Pariser from the securities industry to resolve allegations that he failed to cooperate with a FINRA investigation into his referral of customers to an individual who was not registered to sell securities and who may have recommended or sold unsuitable securities to them.

In the three currently pending FINRA arbitrations , customers of Independent Financial Group allege that Pariser recommended that they purchase promissory notes from individuals not affiliated with Independent Financial Group. They seek combined damages of more than $2.7 million. In 6/2014 Pariser was discharged by SWS Financial Services who alleged that he had utilized unauthorized discretion in customer accounts.

If you have losses in an account in an account handled by Jon Pariser , contact us for a no charge consultation to learn how you may be able to recover damages  through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Concentrated Positions, Discretionary Trading, Failure to Cooperate with Regulatory Investigation, Failure to Supervise, FINRA, Finra Investigation of Stockbroker, First Allied Securities, Stockbroker Discharged, Stockbroker Malpractice, Unsuitable Investments

Sean Brady-Former First Allied Securities Broker-Subject of Customer Suits Seeking Over $12 Million-St. Louis, MO

October 2018- St. Louis, MO

The FINRA records of  Sean Aaron Brady ,  a  former stock broker who is not currently registered and who was last employed by First Allied Securities ,  disclose  that he was recently permanently barred from the securities industry, terminated from employment and is the subject of 9 currently pending customer suits seeking millions of dollars.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In June 2018 FINRA  permanently barred Sean Brady from the securities industry to resolve allegations that he failed to provide FINRA information and documents requested during an investigation into possible sales practice violations committed by Brady.

There are currently nine cases pending by customers of Sean Brady seeking total damages in excess of $12 million in damages. Allegations of Sean Brady’s wrongdoing include:

  • unsuitable recommendations on the basis of false account documents
  • incorrect account information
  • fraud
  • negligence
  • failure to supervise
  • breach of fiduciary duty

Sean Brady was employed by First Allied Securities from 5/2008-10/2017 when he was discharged for violating firm policy pertaining to 1-falsification of signature on documents, 2-text messaging, and 3-consolidated account reports.

If you have losses in an account handled by Sean Brady  , call for a no charge consultation to learn about your options for recovery of damages from First Allied Securities.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

APW Capital, Comprehensive Asset Management & Servicing, Conflict of Interest, Failure to Supervise, Misrepresentation, Securities & Exchange Commission (SEC), Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct, Unsuitable Investments

Tamara Steele- Former Comprehensive Asset Management and Servicing Broker-Named in SEC Suit Over Behavioral Recognition Systems-Pendleton, Indiana

October 2018- Pendleton, Indiana

According to publicly available records Tamara R. Steele   (CRD#3227494) ,  a  stockbroker who was last registered with Comprehensive Asset Management and Servicing (CAMAS)  a/k/a Aurora Private Wealth or APW Capital, Inc.  disclose a pending SEC action, 7 pending customer disputes, 2 final customer disputes and a termination from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In September 2018 the United States Securities and Exchange Commission (SEC)  filed an action against Tamara Steele and her solely owned corporation, Steele Financial alleging 12/ 2012 -10/2016, Steele and Steele Financial, both Indiana based investment advisors, fraudulently recommended and sold to their advisory clients over $13 million in extremely risky securities issued by a private company, Behavioral Recognition Systems (BRS).  In violation of their fiduciary duties of loyalty of good faith, the SEC alleges that they failed to disclose to their clients that BRS had agreed to pay them  commissions ranging from 8% to 18% of the funds raised for BRS.  BRS Labs later became Giant Gray.  By this fraud, Steele and Steele Financial profited at the expense of their clients.   The SEC seeks disgorgement, penalties and an injunction.

Several customers have settled cases with Steele’s firm over the BRS investment.

In March 2018, May  2018 and in June 2018, customers with APW Capital, Inc.( aka Aurora Private Wealth and formerly known as Comprehensive Asset Management and and Servicing (CAMAS),  filed customer disputes against Steele alleging “outside business activities, selling away and private securities transactions, unsuitable investments, negligent account management, violation of the Indiana Securities Act, Violation of Registered Investment Advisor Section of Indiana Securities Act, Sale of unregistered and non-exempt securities, breach of fiduciary duty, violations of FINRA conduct rules and NYSE Board Rules”.   Alleging damages of $124,757.53, $500,000 and $200,000 respectively,  these three cases are all still pending.

In June of 2017,  Tamara Steele was discharged from her position with Comprehensive Asset Management and Servicing (CAMAS).   According to allegations on her FINRA record “Through a phone call to  CAMAS by her attorney, Ms. Steele self-reported having participated in private securities transactions for multiple clients without prior notice and approval from CAMAS.  Our internal review confirmed the facts of Ms. Steele’s self-report.”

Tamara Steele was employed with Comprehensive Asset Management and Servicing, Inc.  from January 2009 until July 2017. She is not currently registered with any broker dealer.

If you have questions about an investment account handled by Tamara Steele, contact us for a no charge consultation to learn about your legal options.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Aegis Capital Corp, Limited Partnerships, Misrepresentation, National Securities Corporation, REITs, Stockbroker Discharged, Stockbroker Malpractice, StockBroker Misconduct, Unsuitable Investments, Worden Capital Management

Mark Kolta-Former National Securities Corp Broker-Subject of Customer Suits Involving Real Estate Investments-New York

January 2019-Garden City , New York

According to publicly available records Mark Sam Kolta ,  a   stockbroker who formerly worked for National Securities Corp.  and who  is currently registered with Worden Capital Management, disclose 4 currently pending customer disputes, 9 prior final customer disputes and a termination from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In currently pending FINRA arbitration 18-3346 a customer of National Securities Corp. alleges that Kolta made misrepresentations. breached his fiduciary duty  and sold them a real estate security. The customer seeks damages of$422,000.

In currently pending FINRA arbitration 18-2394 a customer of National Securities Corp. alleges that Kolta made misrepresentations and sold them an unsuitable real estate security. The customer seeks damages of $120,000.

In another currently pending FINRA arbitration (#18-2017) a customer of National Securities Corp. alleges that Kolta made an unsuitable recommendation to invest in a real estate security and made misrepresentations in connection with the sale. The customer seeks damages of $450,000.

In 2011 Kolta was discharged by a former employer, Chase Investment Services, who makes the following allegation on Kolta’s FINRA record: “Registered rep advised customers of another brokerage firm in the trading of options during his employment with the firm without the firms knowledge or permission.”

Mark Kolta was employed by National Securities Corp. from 9/2013-6/2017. He was with Aegis Capital Corp for a short time from 6/2017-2/2018 and has currently been employed by Worden Capital Management since 4/2018.

If you have questions about an account in an account handled by Mark Kolta , contact us for a no charge consultation to discuss your legal options.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870